I think a lot of people predict doomsday over these things, but I'm sure the Internet will pull through, as it will in future whenever it faces other legal threats.
The whole thing that makes the internet useful and popular is its openness and freedom. If a law is passed allowing ISPs to limit the pages you look at should they choose to, I can imagine how an ISP offering half the internet could prove quite unpopular compared to a "free" ISP!
I doubt censorship is even technically possible to implement successfully (given the hordes of hackers who will, to make a point, circumvent it routinely if done), so for now, I'm not too worried about the fate of the internet.